Press release 1974

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Immediate release
Jan. 16, 1974
735-4661 Ext. 317
Seventeen members of the local management of the Sponge
Products operations in Shelton and Derby today confirmed that they
are spearheading an attempt by employes, townspeople and business
associates to acquire the area plants from B. F. Goodrich.
This effort is based on the firm belief that the operation can .
be viable and profitable under local management, and that local
I
ownership an·d control offer the best assurance that the industry will '.
continue to operate in the Valley area.
The group, although not yet formally chartered, is headed by
Anselm Talalay, wh9 came with Sponge in 1941 and succeeded the
late Fred Daley and Willia·m R. Todd, and who was General Manager
of the local division from 1960 to 1966.
Others identified as the "Shelton Group" are Leon Talalay,
Maurice E. White, Herbert Borsvold, Frank J. Casalvieri, William
John Fiore,
Coffey, George Dirgo, Donald Dobay, John Donahue,/Edward Grant,
William Heaphy, George K. Hunt, Hugh Kelley, Frank Kosewski,
S. P. Lachowski and Albert J. Seymour.
The effort on the part of local management has been strongly
encouraged by The B. F. Goodrich Co. As widely reported in the press,
Mr. O. Pendleton Thomas, BFG chief executive, indicated in a meeting
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on Jan. 10 in Greenwich with Sen. Lowell P. Weicker, Congressman
Ronald A. Sarasin, and Romolo Tedeschi and Franklin Harris, repre-senting
the Valley Chamber of Commerce, that BFG would give top
desire
priority to the Shelton Group in its to purchase and con-tinue
the operation.
Following the announcement of intended sale by BFG on
Jan. 4, the group organized immediately and proceeded to formulate
plans. After all-day meetings on Saturday and Sunday, three rep-resentatives
of the Shelton Group, Talalay, White and Kosewski,
accompanied by State Representative James Connery, who is also
a BFG employee, met in Hartford with Gov. Thomas J. Meskill and
Commissioner of Commerce Richard Stewart. The severe economic
threat to the area and the State posed by the potential closing of the
.
Valley plants was reviewed and the group's plan to reorganize the local
firm as a broadly based a·nd employe controlled company were discussed.
:t¢;itJ fa.-<;u 1ecf
Gov. Meskill oi Ff ca re i i' fr er the plan and offered the group the
State's unqualified support. A further meeting was held with Commis-sioner
Stewart, his Staff and Counsel, on Jan. 15. It was learned
at this meeti,?g that federal tax laws ;/severely limit State revenue
bonding in projects of this size, and that although some State money
would probably be available, the amount is less than originally anti-cipated.
Therefore the ultimate success of the group's effort will
depend on the willingness of employes, townspeople, and other interested
business associates to invest the money necessary to acquire the local
plants.
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A partially completed canvass of the employes indicates a
broad and gratifying interest. Many of Sponge's customers and
suppliers have expressed enthusiasm as have community leaders.
Local city officials have been kept appraised of the situation
and have indicated their willingness to back the endeavor to operate
the plant at a profit and to protect the economic welfare of the
Valley communities.
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(
l
Immediate release
Jan. 16, 1974
735-4661 Ext. 317
Seventeen members of the local management of the Sponge
Products operations in Shelton and Derby today confirmed that they
are spearheading an attempt by employes, townspeople and business
associates to acquire the area plants from B. F. Goodrich.
This effort is based on the firm belief that the operation can .
be viable and profitable under local management, and that local
I
ownership an·d control offer the best assurance that the industry will '.
continue to operate in the Valley area.
The group, although not yet formally chartered, is headed by
Anselm Talalay, wh9 came with Sponge in 1941 and succeeded the
late Fred Daley and Willia·m R. Todd, and who was General Manager
of the local division from 1960 to 1966.
Others identified as the "Shelton Group" are Leon Talalay,
Maurice E. White, Herbert Borsvold, Frank J. Casalvieri, William
John Fiore,
Coffey, George Dirgo, Donald Dobay, John Donahue,/Edward Grant,
William Heaphy, George K. Hunt, Hugh Kelley, Frank Kosewski,
S. P. Lachowski and Albert J. Seymour.
The effort on the part of local management has been strongly
encouraged by The B. F. Goodrich Co. As widely reported in the press,
Mr. O. Pendleton Thomas, BFG chief executive, indicated in a meeting
MORE
(
-2-
on Jan. 10 in Greenwich with Sen. Lowell P. Weicker, Congressman
Ronald A. Sarasin, and Romolo Tedeschi and Franklin Harris, repre-senting
the Valley Chamber of Commerce, that BFG would give top
desire
priority to the Shelton Group in its to purchase and con-tinue
the operation.
Following the announcement of intended sale by BFG on
Jan. 4, the group organized immediately and proceeded to formulate
plans. After all-day meetings on Saturday and Sunday, three rep-resentatives
of the Shelton Group, Talalay, White and Kosewski,
accompanied by State Representative James Connery, who is also
a BFG employee, met in Hartford with Gov. Thomas J. Meskill and
Commissioner of Commerce Richard Stewart. The severe economic
threat to the area and the State posed by the potential closing of the
.
Valley plants was reviewed and the group's plan to reorganize the local
firm as a broadly based a·nd employe controlled company were discussed.
:t¢;itJ fa.-